This year’s decision on the guidelines has been made at a time of great unrest in the financial markets. The international financial crisis has affected the real economy and central government finances in Sweden and other countries. There is considerable uncertainty about how large these effects will be. Central government debt management is long term in nature. Central government finances are strong and the long-term direction will be maintained. The Government exercises control over the expected costs and risks in debt management primarily by its decisions on the composition and maturity of the central government debt. This year’s decision on the guidelines covers 2009−2011, but the guidelines for 2010 and 2011 should be considered preliminary.